The code for the quest is "x!NG"
N8 is at the intersection of three trending markets:
- The electronic music market: 1.5 billion people listened to electronic music in 2018 & a market value estimated at $7.2 billion in 2019 worldwide
- The ticketing market: $58.7 billion market revenue for 736 million users worldwide in 2019
- The Web3 market: $2.1 trillion cryptocurrency market capitalization & $24.9 billion on NFT sales in 2021 worldwide
The electronic music market represents the 3rd largest market in music after Pop and Rock. It is a market that has almost doubled in value in the 2010s, going from $4.5 billion in 2012/13 to $7.2 billion in 2018/19.
The number of attendees is increasing for nightclubs (+4% in the US between 2017 and 2018) and festivals (+5% in the US between 2017 and 2018), and electronic music fans are more likely to attend events than fans of any other music genre: 74% of electronic music fans in the US attend electronic music events.
However, there has been a decline over the years in the number of nightclubs (-22% in the UK between 2013 and 2018). This decline can be explained in particular by greater participation in large events such as festivals, rising real estate prices in major cities, new health & wellness trends, social media, online dating and virtual worlds.
The COVID19 crisis has also had an impact on the electronic music sector, first of all on the revenues generated by live acts. With the world facing a widespread lockdown, event revenues could not be generated. Many event organizers found themselves in great difficulty, some even closing their establishments. As for the artists, they took advantage of this time to get closer to their communities, to propose alternatives to live acts with live streams and to take more time for their creation. But this COVID crisis has also been beneficial for some players, such as streaming platforms, which have registered 25% more users worldwide in 2020.
Since the end of restrictions in many countries, the number of events has risen to pre-crisis levels.
The online event ticketing market reached $58,7 billion in 2019 for 736 million users worldwide that year. Despite remaining effects of the covid crisis, it is expected to reach $72,31 billion in 2022, and the revenue is expected to show an annual growth rate of 6,85% resulting in a projected market volume of $94.27 billion by 2026.
The music events segment generates the highest revenues in the market: $26.64 billion expected in 2022 and projected $41 billion by 2026 with an annual growth rate of 11.43%, as it includes the lucrative sales for all music-related events like concerts, festivals, musicals, music shows and operas.
With the rise of music streaming services that do not provide sufficient revenues for artists, concerts have become their main source of income. As tickets are becoming more expensive, so are the costs of hosting a concert. Despite the constant price rise, widespread fake and duplicate tickets, customers are still willing to pay more, as growing user numbers indicate (459 million users expected by 2026).
The Global Secondary Ticket Market was valued at $1.5 billion in 2020, and it is expected to reach $2.8 billion by 2027, with a CAGR of 9.3%, during the forecast period.
With the creation of cryptocurrencies, and Bitcoin, in 2009, a new era started, with rising technologies such as blockchain to find solutions to centralization problems such as lack of privacy, hacks or censorship. Starting at 0, bitcoin’s price rose to $0,09 in 2010, and is now trading around $40 000, which represents an increase of more than 44 000 000%.
Meantime, the number of cryptocurrency users is rising, following the same adoption curve as the internet in the early 2000s, and should reach a billion users by the end of 2022. The global cryptocurrency market was $1.49 billions in 2020, and is expected to reach almost $5 billions by 2030.
Another thriving market in the web3 world is the NFT market. Indeed, it became widely popular in 2021, and reached a $41 billion market size in transactions that year. Dozens of brands and artists started to use NFTs to create collections for commercial purposes, more links with their customers, and grow new communities. They understood this technology could help them create new products, partnerships, and therefore reach new customers that they would not reach before.
The democratization of numeric property certificates opened new doors for the use of these in many sectors and applications such as ensuring authenticity of products, real estate, medical records, identity verification, intellectual property, gaming industry, or even voting. Flourishing startups with NFT-based technology have created very innovative products and have experienced incredible growth : Sorare who reached 1million users in 2021, its trading volume went from $7 million in 2020 to $325 million in 2021, The Sandbox, who hit 2million users in march 2022, or Axie Infinity who reached 2.7 million peak users last year.